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Canada’s Inflation Rate Falls to 1.7% in April Amid Energy Price Decline, but Core Inflation Persists
Canada’s annual inflation rate eased to 1.7% in April, marking a notable decline from 2.3% in March. The drop was largely driven by lower energy prices, particularly gasoline, which fell 18.1% year-over-year following the removal of the consumer carbon price. However, core inflation measures—which exclude volatile items like energy—continued to rise, reflecting persistent price pressures in other sectors.
Despite the overall slowdown, food prices remained elevated, with fresh vegetables, beef, and coffee among the items seeing price increases. Additionally, travel tour costs surged 6.7%, contributing to inflationary pressures outside the energy sector.
The latest inflation figures come just weeks before the Bank of Canada’s next interest rate decision on June 4, raising questions about whether policymakers will adjust rates in response to the mixed inflation signals. While lower energy costs have provided relief to consumers, the continued rise in core inflation suggests that underlying price pressures remain a concern.
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